Building wealth involves patience (rich), discipline, and consistent effort. The good news is that you can undoubtedly achieve it, regardless of your current situation or starting point. Simply following certain tried-and-true laws and concepts will set you on the right track.
If you are ready to become rich, this is what you must do:Â
1. You Must Earn It (Your Money, Your Wealth).
No one is going to give you a wealth on a silver platter. If you want to become wealthy, you must first work for it. So, it either you are employed or self employed.
2. You Must Save Until It Hurts
Your savings rate is the most powerful lever you can use to speed your journey to financial independence. The more you can save, the faster your money can compound and expand.
3. You need to optimise your spending
There is no reason to give up all enjoyable activities only to “optimise your spending.” It is about purposefully spending money on what is most important to you. Examine the services you presently pay for and determine whether there is a better, faster, or cheaper alternative available. We’ve done this with cell phone plans, cable/streaming subscriptions, and other services.
4. Put Your Money to Work for You Receive repeat payments for one-time work
The traditional approach is to invest in the stock market and real estate. But here’s my gripe with a lot of personal financial influencers: most people who encourage you to invest in low-cost index funds didn’t do so themselves! Many have built their fortunes through entrepreneurship, business, and other alternative investments.
5. Smart Marriage
Rich
It is important to marry right because divorce can be emotionally and financially disastrous. According to studies, it can wipe out 75% of a family’s wealth—including legal bills, asset dividing, increased housing/transportation costs, and so on. This is why it’s critical to choose a partner that shares your financial ideals and objectives. It’s a team game.
